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Discretionary Policy versus Non-Discretionary Policy in the Economic Adjustment Process

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Author Info

  • Dinga, Emil

    ()
    (Center for Financial and Monetary Research “Victor Slăvescu”, Romanian Academy)

  • Ionescu, Cornel

    (Center for Financial and Monetary Research “Victor Slăvescu”, Romanian Academy)

  • Padurean, Elena

    (Center for Financial and Monetary Research “Victor Slăvescu”, Romanian Academy)

Abstract

The study aims to examine the concept of automatic fiscal stabilization in the context of macroeconomic adjustment policies. To this end, first a conceptual distinction between discretionary public adjustment policies and non-discretionary ones is achieved. Second, sufficient and necessary attributes for an automatic fiscal stabilizer are identified and examined, in order to obtain a definition of this instrument. The whole research approach is characterized by a logical and abstract way of thinking, to provide a general and non-contextual result. Finally, a general mechanism of action of automatic fiscal stabilizers is proposed, by introducing the basic concepts of action base and of action rate of such an instrument.

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Bibliographic Info

Article provided by Institute for Economic Forecasting in its journal Romanian Journal for Economic Forecasting.

Volume (Year): (2010)
Issue (Month): 4 (December)
Pages: 184-207

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Handle: RePEc:rjr:romjef:v::y:2010:i:4:p:184-207

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Related research

Keywords: sustainability; fiscal policy; automatic fiscal stabilizers; discretionary versus nondiscretionary; principle of the minimal action;

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References

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  1. Schabert, Andreas, 2005. "Discretionary Policy, Multiple Equilibria, and Monetary Instruments," CEPR Discussion Papers 5400, C.E.P.R. Discussion Papers.
  2. Maria Antoinette Silgoner & Jesús Crespo-Cuaresma & Gerhard Reitschuler, 2003. "The Fiscal Smile," IMF Working Papers 03/182, International Monetary Fund.
  3. Alan J. Auerbach & Daniel Feenberg, 2000. "The Significance of Federal Taxes as Automatic Stabilizers," NBER Working Papers 7662, National Bureau of Economic Research, Inc.
  4. Alan Auerbach, 2002. "Is There a Role for Discretionary Fiscal Policy?," NBER Working Papers 9306, National Bureau of Economic Research, Inc.
  5. Paul Hiebert & Javier J. Pérez & Massimo Rostagno, 2002. "Debt reduction and automatic stabilisation," Economic Working Papers at Centro de Estudios Andaluces E2002/12, Centro de Estudios Andaluces.
  6. Andres, Javier & Domenech, Rafael, 2006. "Automatic stabilizers, fiscal rules and macroeconomic stability," European Economic Review, Elsevier, vol. 50(6), pages 1487-1506, August.
  7. Darrel Cohen & Glenn Follette, 2000. "The automatic fiscal stabilizers: quietly doing their thing," Economic Policy Review, Federal Reserve Bank of New York, issue Apr, pages 35-67.
  8. Barrell, R. & Pina, A.M., 2000. "How Important are Automatic Stabilizers in Europe? A Stochastic Simulation Assessment," Economics Working Papers eco2000/2, European University Institute.
  9. Suescun, Rodrigo, 2007. "The size and effectiveness of automatic fiscal stabilizers in Latin America," Policy Research Working Paper Series 4244, The World Bank.
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Citations

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Cited by:
  1. Campeanu, Emilia Mioara, 2011. "The Stabilising Role Of The Fiscal And Budgetary Policies Within The Simplified Keynesian Model," Studii Financiare (Financial Studies), Centre of Financial and Monetary Research "Victor Slavescu", vol. 15(2), pages 119-138.

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